EIB confirms support for Belt and Road initiative
The European Investment Bank (EIB) has formally agreed to support China’s “Belt and Road initiative”. The EIB released a statement about its support for the project today (16 May) at the “Belt and Road Forum for International Cooperation”, which took this week in Beijing.
China’s President Xi Jinping and the 29 other heads of state attending the event reaffirmed their commitment to an open global economy and free trade. President Xi also pledged significant funding for the new “Silk Road”, which aims to create more inter-continental supply chain infrastructure and trade links.
Jean-Christophe Laloux, Director-General of the EIB, commented: “The European Investment Bank, the EU Bank, recognises the potential of the Belt and Road Initiative to promote economic growth and strengthen international cooperation.
“We appreciate the tremendous efforts of all involved and recognise the clear the leadership that China has shown to develop this key initiative.
“Cooperation and shared experience is crucial to ensure maximum impact of infrastructure projects of this scale and the European Investment Bank looks forward to sharing our unique financial, technical and environmental experience gained across Europe and around the world to support the Belt and Road initiative.”
The EIB statement continued: “The strengthened cooperation between China and the European Investment Bank to support the Belt and Road Initiative will enable increased dialogue and examination of individual infrastructure projects located in Asia, Europe and Africa and covered by the initiative.
“It is expected that the agreement between China and six multilateral development banks will enable greater investment in infrastructure crucial for cross border trade, and contribute to strengthening growth, development and prosperity across three continents.
“A Memorandum of Understanding was signed by representatives of the Asian Development Bank, Asian Infrastructure Investment Bank, European Bank for Reconstruction and Development, the New Development Bank, the World Bank, and the European Investment Bank.”
